Currency sale window a source of corruption

[yota691]

POSTED ON2022-09-07 BY SOTALIRAQ

Currency sale window a source of corruption

Majed Zeidan

There is an ongoing debate about the currency sale window in the Central Bank, and there is a national consensus that it causes damage to the economy and a door to corruption through currency smuggling, and what is more dangerous is that it is a window to finance the parties in power directly and indirectly.

Despite the wide observations and calls among economists and politicians to find and use another way to manage hard currencies and meet the needs of the local economy of hard currencies and according to controls that prevent or limit corruption, which is being talked about on a large scale due to the auction caused in this way and the failure to follow up on the dollar sold.

The work of the window is marred by a lot of criticism, comments and disagreement with this mechanism, and what is said about it has become certain, well-established and tangible, including money laundering, forged invoices, inferior goods overpriced, and others, but international reports indicating its disadvantages, in addition to confessions from Iraqi officials regarding it, and the realization of outrageous profits. By banks and companies authorized to deal with the currency auction without providing a service to citizens that cannot be compensated and providing the huge sums to be shared by the influential.

What is more dangerous is that the authoritarian parties and the associated parties such as merchants, bankers and brokers use this window to finance their activities and goals, that is, they use public money that is not in its place and its goals, but rather to maintain control over the country’s capabilities and develop personal wealth.

From this controversy that is being raised about the issue, the insistence on purifying the window of corruption is urgent

Adhering to the laws, tightening and developing control, and then addressing the exchange rate and monetary policy, and whether it is to reform the window or find alternatives to provide currency for it, it is important and necessary to dry up the sources of corruption, and thus deprive the controlling forces of a source that finances uncontrolled and uncontrolled power to achieve stability in the country and mobilize resources for sustainable development and combating poverty.

In the years 21-20 and 2020, the import of goods reached 18 and 17 billion dollars, respectively, but the dollar sales more than doubled. In 2019, the Central Bank of Iraq sold 44 billion dollars of hard currency in the Central Bank auction, mostly allocated to cover the import of materials and goods the country needs, and to stabilize the price of the Iraqi dinar and prevent inflation, according to bank data.

However, Iraqi economists say the volume of Iraqi imports has reached $18 billion, without specifying where the difference went. Experts warn of currency leakage out of Iraq due to corruption in the currency auction. There is actually a difference of about 30 billion dollars between the volume of remittances abroad and the value of the goods entering, which indicates that the currency auction is not doing its proper duty to provide funds for the purpose of import.

The Finance Committee called in more than one parliamentary session to reconsider the issue of the currency auction, and that the issue of the currency window for the Central Bank does not exist in all countries of the world except for Iraq. It is clear that sales in it exceed imports, and it has become a means of supporting Iran and Turkey, whose currencies are suffering from the collapse.

The new government, if it is formed, must seriously consider this problem in order to preserve resources and protect the national economy, and before that answer the stark question: Where did the difference go? .

[horsesoldier]

After all these years, really, we never could have imagined such a thing !?!?!

Shocking isn't it ?!?! 😆

How many years have they been putting this kind of article out there ??

 

Thanks Yota for bringing this over. Maybe this time in light of recent events this will keep the flame high and continue to keep these criminal politicians in the citizens cross hairs.

[nannab]

GASP  Say it isn't so!!!!!!!  

5 hours ago, yota691 said:

Experts warn of currency leakage out of Iraq due to corruption in the currency auction.

 

5 hours ago, horsesoldier said:

After all these years, really, we never could have imagined such a thing !?!?!

Shocking isn't it ?!?! 😆

How many years have they been putting this kind of article out there ??

 

Thanks Yota for bringing this over. Maybe this time in light of recent events this will keep the flame high and continue to keep these criminal politicians in the citizens cross hairs.

 

[Half Crazy Runner]

1 hour ago, nannab said:

GASP  Say it isn't so!!!!!!!  

 

 

Wow! I am shocked!!  😱

[T B]

oh i really needed a laugh today,  thanks guys,  Ha! Ha! 

[Bama Girl]

Oh Geez, this can’t possibly be true, no one can possibly be corrupt in Iraq! 😡🤬

 

 

[Bama Girl]

My son-in-law warned me about this 10 years ago after he spent considerable time there during his military service. He said EVERYONE in that country is corrupt and the only kind of leader who can control that country in any way, good or bad, unfortunately, is someone like Saddam. I simply didn’t believe he could possibly be right. 🙄😒

[T B]

for the people that wont to defund the police, ask memphis tenn right now!  i just watched on  tv a crazy young black dude 20 miles away shoot people with no regards of life! my son lives there, its gonna get worse so start packing heat! ,midterms are close! 

[screwball]

22 hours ago, yota691 said:

The Finance Committee called in more than one parliamentary session to reconsider the issue of the currency auction, and that the issue of the currency window for the Central Bank does not exist in all countries of the world except for Iraq.

Time to scrap it